Verification of Loan Applications Documents

The process of documents verification is a manual, tedious and time consuming for any new loan application received. Adherence of KYC norm is imperative to ensure a risk free loan disbursal.

Challenge

Repetitive research process, involving structured information –SLAs are severely delayed due to workload without added FTEs
Handlers manually check on different web portals, documents on related information for Home Loan applications, and then collate everything in a single file
Process is handled by two different teams and involves several web portals, internal mainframe and desktop applications, e-mails
Volumes: 100 applications/ week; AHT: 20 min/ application

Solution

The complete document verification process was analyzed by our automation experts and a viable automation plan was created for the complete process
The developed UiPath bot scanned through all different web portals, verified and gathered all the pre-determined information
The bot then collates necessary information into a report and shares it to the authorized person for approval.
This helped handler and authorizers in spending more time on analyzing the information and taking the best decision.